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Eco (Atlantic) Oil and Gas Ltd Announces Orinduik Partners Approve 2nd Well Location
Eco Confirms that Orinduik Partners have approved a Second Well Location for the 2019 Guyana...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd Announces Orinduik Partners Approve 2nd Well LocationEco Confirms that Orinduik Partners have approved a Second Well Location for the 2019 Guyana offshore Drilling ProgramTORONTO, ONTARIO / ACCESSWIRE / March 29, 2019 / Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the oil and gas exploration company with licences in highly prospective regions in Guyana and Namibia, is pleased to announce that the partners on the Orinduik Block offshore Guyana (\"Orinduik\") have approved the drilling budget and the location of the second well of the 2019 drilling program.Highlights: The 'Joe' prospect has been selected as the second well location by Eco Atlantic (15%), Total E&P Activitiés Pétrolières (\"Total\") (25%) and Tullow Guyana B.V. (\"Tullow\") (60%), (Operator), (together, the \"Partners\") The Partners have contracted the Stena Forth Drill Ship to drill the Jethro Lobe Well with a spud date scheduled for early June 2019. The rig will move directly after to Joe and begin drilling this second exploration well in mid July 2019 The Joe Well is located in approximately 650 meters of water Joe is a 150 mmboe (P50 - Best Estimate) Upper Tertiary target which has a 43.2% Chance of Success, as estimated in the recently published independent (NI51-101 Compliant) report produced by Gustavson Associates Net Cost to Eco for its 15% Working Interest in the Joe Well is expected to be approximately USD $3 million This is significantly less than the expected cost of the first Jethro-Lobe Well, which is estimated at approximately USD $6.9 million, as the cost of mobilising and demobilising the drilling rig have all been incorporated into the cost of the first well. As announced on 27 February 2019, Eco is fully funded for the 2019 campaign and beyond having current cash of approximately USD $19 million. The second well is subject to customary Guyana Department of Energy review.Colin Kinley, Chief Operating Officer of Eco Atlantic, commented:\"The approval, at this stage, of a second well is a clear indication of the Partners' risking of Orinduik. All of the Partners support a two well drilling campaign targeting close to 370 million barrels of Gross Prospective Resources (P50 Best) at 43.2% risking, which is well above industry averages anywhere in the world. Both the Upper Tertiary age, J...